How much does it cost to rent in Minnetonka, MN?

As of July 2026, the median monthly rent in Minnetonka, MN is $1,857. This figure is based on aggregated data from public sources and community-submitted rents.

Is Minnetonka cheaper than other Minnesota cities?

Minnetonka is one of the pricier cities in Minnesota, ranking #23 out of 67 cities tracked at $1,857/mo.

When was Minnetonka rent data last updated?

Minnetonka rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · MN

Minnetonka

Name: Average Rent Prices in Minnetonka, MN
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 53,064·23rd most expensive in Minnesota·Rental market data updated monthly for Minnetonka, MN

Median rent (all units)

$1,857/mo

Year-over-Year

+3.8%

Month-over-Month

-0.5%

vs US Median

-$108

Stable (Monthly)

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Most AffordableMost Expensive

Minnetonka · $1,857

More expensive than 50% of US cities · National median $1,965/mo

Rent Reality Score

53/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Minnetonka's 10-year trend predicts.

Actual rent

$1,857/mo

Expected by trend

$1,886/mo

The Rent Reality Score compares today's median rent to where Minnetonka's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,450

1 BR

$1,640

2 BR

$2,000

3 BR

$2,665

4 BR+

$2,980

Research median

$2,000/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$22,284/yr

At $1,857/mo median

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.8% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.8% YoY, -0.5% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Minnetonka, MN is majority owner-occupied, has a large retiree population, has a median income above the national average, 65% of residents hold a bachelor's degree or higher.

Population

53,064

Median income

$119,517

Median age

42.9

Renters

28.4%

Age distribution

21.3%

18.5%

24.1%

13.3%

22.8%

Under 1821.3%

18–3418.5%

35–5424.1%

55–6413.3%

65+22.8%

Gender

49%

51%

Male49%

Female51%

Race & ethnicity

81.5%

White81.5%

Black4.2%

Hispanic4.1%

Asian6%

Other4.2%

Education (25+)

22.2%

65%

No HS diploma1.7%

HS diploma11%

Some college22.2%

Bachelor's+65%

Housing tenure

71.6%

28.4%

Owner71.6%

Renter28.4%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Minnetonka, MN has changed in 5 years

Rent

$1,551 → $1,857

up 19.7%

Income

$106,023 → $119,517

up 12.7%

Population

53,809 → 53,064

down 1.4%

Renter share

28.3% → 28.4%

+0.1 pts

Bachelor's+

61.3% → 65%

+3.7 pts

The median rent in Minnetonka, MN stood at $1,551 in 2021 and currently runs about $1,857, reflecting a 19.7% increase over the period. Median household income rose from $106,023 to $119,517 between 2021 and 2024, a 12.7% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 1.4% since 2021, moving from about 53,809 residents to roughly 53,064. College-educated residents now make up 65% of adults here, versus 61.3% in 2021. Taken together, the five-year picture in Minnetonka, MN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

Discussions about Minnetonka

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View Minnetonka rent history (2015–2026) →

Salary vs rent

Can you afford rent in Minnetonka on your salary?

At $1,857/mo, how Minnetonka rent compares to typical pay (30% rule).

Registered Nurse

Avg $98,259/yr · Rent = 22.7% income

affordable

Elementary School Teacher

Avg $69,763/yr · Rent = 31.9% income

stretched

Police Officer

Avg $80,361/yr · Rent = 27.7% income

affordable

Software Developer

Avg $143,634/yr · Rent = 15.5% income

very comfortable

Lawyer

Avg $183,529/yr · Rent = 12.1% income

very comfortable

Firefighter

Avg $65,322/yr · Rent = 34.1% income

stretched

Truck Driver

Avg $58,978/yr · Rent = 37.8% income

stretched

Electrician

Avg $72,696/yr · Rent = 30.7% income

stretched

By apartment size

Minnetonka rent by bedroom count

Median rent for each apartment size in Minnetonka. Click any size for full breakdown.

Local insights

Tips for renters in Minnetonka

About renting in Minnetonka, MN

Last updated: July 20, 2026

The median rent in Minnetonka is $1,857/mo as of July 2026. A studio apartment averages $1,450/mo while a 2-bedroom runs $2,000/mo. One-bedroom apartments average $1,640/mo and 3-bedroom units go for $2,665/mo.

At 19% of local median household income ($119,517/yr), Minnetonka ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.8% over the past year.

FAQ

Frequently asked questions

Is Minnetonka an affordable city for renters?

Minnetonka is considered very affordable for renters. At $1,857/mo, rent takes approximately 19% of the local median household income ($119,517/yr). The standard benchmark is 30%. Minnetonka falls comfortably within that range.

How much income do you need to rent in Minnetonka?

To keep rent at or below 30% of gross income, you would need to earn at least $74,000/year (~$36/hour full-time) to afford the median rent of $1,857/mo in Minnetonka. The local median household income is $119,517/yr, meaning the typical Minnetonka household meets that threshold.

Is rent going up or down in Minnetonka?

Rent in Minnetonka has increased 3.8% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Minnetonka neighborhoods have the lowest rent?

The most affordable ZIP codes in Minnetonka are 55305 ($1,919/mo), and 55345 ($1,971/mo). Citywide, the median rent in Minnetonka is $1,857/mo.

How does Minnetonka rent compare to other cities in Minnesota?

Minnetonka is one of the pricier cities in Minnesota for rent, ranking #23 out of 67 tracked cities at $1,857/mo.

Which nearby cities are cheaper to rent in than Minnetonka?

Several nearby cities have lower median rents than Minnetonka ($1,857/mo): Hopkins ($1,539/mo), Eden Prairie ($1,772/mo), Saint Louis Park ($1,855/mo).

What percentage of Minnetonka residents rent vs. own?

According to Census data, approximately 28.4% of Minnetonka households are renters, while 71.6% are owner-occupied. Minnetonka leans toward homeownership, which can mean a smaller rental inventory.

How does Minnetonka rent compare to the national average?

Minnetonka's median rent of $1,857/mo is $108 (5%) below the US national median of $1,965/mo. Within Minnesota, it ranks #23 out of 67 tracked cities.

Income Affordability

19%

VERY AFFORDABLE

At $1,857/mo, rent takes ~19% of Minnetonka's median household income ($119,517/yr). The standard benchmark is 30%.

Minnetonka 19%Benchmark 30%

State income tax5.35–9.85%

Run the Minnetonka affordability calculator →

Nearby cities